NY Residents Could Face a Major Increase In Flood Insurance Rates

A retired firefighter in Queens has been paying between $350 and $458 annually for federal flood insurance could be expected to pay as much as $15,000 a year.

By Lauren Passell •Published July 29, 2013•Updated on July 31, 2013 at 2:57 pm

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A retired firefighter in Queens has been paying between $350 and $458 annually for federal flood insurance, though that number is about to skyrocket, reports the New York Times. Though he lives a block and a half from the water, his premiums have stayed low because of a federal policy protecting residents from sharply increased costs. Now, he is looking to pay as much as $15,000 annually. Many New York residents will face a similar fate, due to an overhaul of the federal flood insurance program last year.

Government officials, grass-root organizations, and residents, are doing what they can to stop the higher premiums from taking hold. In Brick Township, New Jersey, for example, local officials have paid a mapping expert to obtain certification in floodplain technology to challenge FEMA's new plan.

The Biggert-Waters Flood Insurace Act, passed by Congress in 2012, pre-Hurricane Sandy, made its changes to the National Floor Insurance Program, due to the fact the program was $18 billion in debt.